A promotional poster for Mercedes-Benz Korea's 40th Korea Women's Open Golf Championship. Courtresy of Mercedes-Benz Korea

Mercedes-Benz Korea said Thursday it will co-host the Mercedes-Benz 40th Korea Women's Open Golf Championship with the Korea Golf Association from June 11 to 14 at Lakewood Country Club in Yangju, Gyeonggi province, under a three-year title sponsorship agreement running through 2028.

The Korea Women's Open, which held its inaugural edition in 1987, is the country's most prestigious national women's golf title.

With Mercedes-Benz Korea's entry as title sponsor, the total prize purse has been raised to 1.5 billion won ($1 million), with the winner's share set at 400 million won — the largest first-place prize in the history of Korean women's professional golf.

The champion will also receive automatic berths in the AIG Women's Open, one of women's golf's five major championships, and the Japan Women's Open Golf Championship.